Do you want more from your social media efforts?
If yes, then the facts are in: consumers want more video. In fact, nearly half of internet users search for a video about a product or service before going to a store, and 4 in 5 believe that demo videos are helpful, according to Hubspot’s 2018 State of Inbound Marketing statistics.
The same report shows that 43% of consumers want to see more video content from marketers, and marketers that use video boost revenue 49% faster than those who don’t.
Business Insider shows that video ads have the highest click-through rates of all digital ad formats, and more than half of marketers say that video content has the best ROI for their companies.
Facebook specifically is on a mission to drive more meaningful conversations on their platform, and are actively encouraging the use of video content in this regard.
Furthermore, social media is the preferred way to access video content. 100 million hours of video content are watched every single day on Facebook alone, and YouTube reaches more adult viewers during prime time than any cable TV network. Time spent watching YouTube on home televisions has more than doubled in the past year.
So, what does all this mean for your business?
Brands that develop an effective video strategy as part of their marketing and sales efforts will:
- Increase their brand awareness
- Better differentiate themselves from their competition
- Drive more traffic to their website
- Generate more leads
- Increase sales revenue
If you are not actively investing and creating video for social media, you really need to begin the planning process. If you do currently produce video content, you need to look at the effectiveness of your current strategy and ask yourself if you can enhance it further for even greater ROI.
Firstly, let’s touch on a few important do’s and don’ts as there’s a significant amount of data that gives marketers some clear direction:
Do: keep your video short. People prefer video under 60 seconds, and video ads under 15 seconds. Secondly, 85% of people watch video with the audio off! Ensure your videos have subtitles so viewers can follow along without disturbing those around them.
Don’t: auto play video. 51% of people have a lower opinion of brands that auto play video ads, and 82% of consumers have closed a browser or left a site to avoid an auto playing video ad.
Where do you start creating an effective video strategy for your business?
Do you have an understanding of your buyer’s persona? This is a critical question as it will help you understand what your target audience wants to see. When you are able to positively impact your target audience, they will a) watch your video and absorb the message you are trying to relate and b) they will share your video content among their social and professional networks (going viral – that’s the free marketing you really want!)
How much should allocate to spend on video production?
Before I answer this question, I frequently see many business owners and marketing teams struggle to define their marketing budget (they don’t know really where to start and get bogged down using guess-ology – this naturally is inefficient and costly).
There are a number of strategies for developing a marketing budget, however my preferred approach is to first understand your Customer’s Lifetime Value. This formula will help you understand how much profit each customer brings to your bottom line, and accordingly, you can decide how much money you are prepared to spend to acquire new customers whilst retaining your existing customer base.
If seasonality can impact your business, structure your annual budget accordingly to make the most of the high season whilst reducing your costs during the leaner months of the year.
Once the foundation for your budget is in place, you need to begin mapping out your customer’s journey as this process will help you understand which marketing touch points can benefit from a video as well as define the message that needs to be communicated – I cannot stress highly enough the importance of doing this step.
When you have determined how many videos you will need and the number of messages you need to communicate, you need determine the priority by which each video should be produced. For example, if you are struggling to generate leads and increase sales revenue, you may want to produce a sales video vs documenting an event you are holding.
Finally, how much money should you spend on a video? Truthfully, the cost varies incredibly and is based on a number of criteria:
- The purpose of the video
- The style of the production
- The creative concept & tone needed
- Production elements such as locations, models, equipment etc
My best advise would be to prepare a brief, and then ask your network for reliable production teams. Once you receive some recommendations, research their websites and view their online portfolios – this will already give you an immediate understanding of the quality of their work. Once you have shortlisted 3-5 video suppliers, reach out, share your brief and await their proposals.
I always recommend to visit their offices if possible as well as meet the people that will be physically working on your project. Evaluate them based on:
- Their completed work
- Their understanding of your business and your objectives
- Their internal resources and time frame for completion
- And finally, trust your gut – don’t just go with the cheapest quote!
How should you use your videos on social media?
Each social media video your produce should serve a particular purpose in your customer’s journey. This will dictate how you should use the video across social media. I personally like to structure my client’s videos based on the Buyer’s Journey Funnel which consists of 4 phases:
For example, a video can be released to generate new leads based on the ‘attract’ stage of your funnel. A corporate video that directs traffic to your social media pages would be ideal.
You can then create custom and look-a-like audiences based on people that clicked on your corporate video and that visited your social pages. With Facebook and Instagram, you can create custom and look-a-like audiences based on the time spent and percentage of your video viewed (as the more your prospects watch, the higher likelihood of their intent).
For the ‘conversion’ stage of your buyer’s journey funnel, you could release an educational video regarding to the context of your field – modern consumers hate being sold to, so educational content that provides your prospects with valuable information would be better received. Again, custom and look-a-like audiences can be developed of these prospects.
Finally, a third video for the ‘close’ stage of the funnel can be released with the clear intent to sell – possibly a limited time offer such as a discount would encourage prospects sitting on the fence to enquire or buy accordingly.
These ideas are just the tip of the ice-berg in terms of the possible application of video. One thing is for certain, demand for video is increasing and as a business owner or marketer, you can choose to lead or be left behind. Social video is growing exponentially, and consumers still want more. It’s an integral part of an effective marketing strategy, and should factor into every campaign and initiative.
Contact us to learn more about how to intelligently leverage social video into your digital strategy today.